Jakarta-based venture capital firm Alpha JWC has held the first close for its third fund at $300 million, according to industry executives aware of the development.
With the first close, the Indonesian VC has already hit its target for Alpha JWC Ventures III LP. The fund seeks to make seed to Series B investments across various sectors in Southeast Asia, with a focus on Indonesia.
DealStreetAsia understands the VC firm is likely to close its third fund at around $400 million in the next couple of months. A final close at around $400 million will make the largest seed to Series B vehicle in South East Asia.
Contacted on the development, Alpha JWC declined to comment.
One of the fund’s investors is International Finance Corporation (IFC), a member of the World Bank Group, which in April committed to investing up to $20 million in the vehicle.
CTBC Venture Capital, the venture capital arm of Taiwanese financial firm CTBC Financial Holdings, also committed $3 million to the fund.
The first close of Fund III comes about two years after Alpha JWC raised $123 million for its second fund in 2019. Its debut fund was launched in 2016 with a size of $50 million.
With its third fund slated to follow the same investment thesis with more dry powder at its disposal, Alpha JWC expects to double down on its existing portfolio companies, while also opportunistically investing in new larger companies.
Alpha JWC’s portfolio firms include fintech startup Kredivo, Singapore automotive marketplace Carro, Indonesian online brokerage Ajaib, coffee chain Kopi Kenangan, and B2B e-commerce platform GudangAda.
Buy now pay later startup Kredivo (owned by Singapore-based FinAccel) recently announced plans to merge with US-based Victory Park Capital’s second blank cheque firm at a valuation of $2.5 billion.
In June, Carro had announced the completion of a $360 million Series C funding round led by SoftBank Vision Fund 2, making it the first automotive marketplace unicorn in Southeast Asia.
Last week, DealStreetAsia reported that Ajaib Group is raising over $100 million in its latest funding round led by DST Global that would bring the company’s valuation to $1 billion.
Kopi Kenangan is also learnt to be targeting a listing within the next 12 to 24 months, according to several industry sources aware of the development.
The first close of Alpha JWC’s third fund comes after Southeast Asia-based VC firms witnessed a muted fundraising during the second quarter, with only two venture funds holding the first close during the period.
Southeast Asia-focused venture capital funds of similar size have previously been raised by Vertex Ventures Southeast Asia and India ($305 million), EV Growth ($250 million), Jungle Ventures ($240 million third fund), Openspace Ventures ($200 million third fund) and Insignia Ventures ($200 million second fund).
Singapore and US-headquartered global tech investor B Capital closed its opportunities fund at $415 million in March. The final close made it the second-largest VC fund raised by a Southeast Asian firm, eclipsed only by the company’s $820 million second fund that closed in June last year.